In today's world, Mandatory Oil Import Quota Program has become a topic of interest and debate in various areas. From politics and economics to health and entertainment, Mandatory Oil Import Quota Program has captured the attention of millions of people around the world. With an impact that encompasses multiple aspects of society, Mandatory Oil Import Quota Program continues to generate controversy and reflection. In this article, we will explore the different facets of Mandatory Oil Import Quota Program and its influence on everyday life, analyzing its relevance in the current context and its possible repercussions in the future. Likewise, we will examine various perspectives and opinions about Mandatory Oil Import Quota Program, with the aim of drawing a complete panorama that allows us to understand its scope and meaning in contemporary society.
The Mandatory Oil Import Quota Program was a program of import restrictions on oil into the United States. Created in 1959 by Presidential Proclamation 3279 by President Dwight Eisenhower, the scheme was intended to prevent a dependence of the United States on imported petroleum supplies. From 1962, the maximum level of imports was set at 12.2% of domestic production.[1]
The program was established after an investigation by the director of the Office of Civil and Defense Mobilization established that oil imports threatened to impair US national security.[2]
The import quota was lifted in 1973 by President Richard Nixon.[3]
References
^Charles J. Cicchetti, Willian J. Gillen (July 1973). "The Mandatory Oil Import Quote Program: A Consideration of Economic Efficiency and Equity". Natural Resources Journal.
^"Proclamation 3279: Adjusting imports of petroleum and petroleum products into the United States". The Code of Federal Regulations of the United States of America. January 1, 1966. crude oil and the principal crude oil derivatives and products are being imported in such quantities and under such circumstances as to threaten to impair the national security